Golden Matrix Q3 2025 results highlighted how online gambling partners have become the company’s main growth engine. The bulk of gains came from sportsbook, casino, and B2B iGaming clients, while non-gambling units delivered steady but smaller contributions. The mix also shifted how group benchmarks are measured across user, revenue, and margin metrics.

  • Online gambling partners – mainly Meridianbet, Expanse Studios, and GMAG — generated around 90% of total Golden Matrix Q3 2025 revenue. Meridianbet led with USD 32.5m (ca. EUR 28.2m), up 26% year on year, with sportsbook and casino operations expanding in Europe and Latin America. The rise in iGaming activity pushed group gross margin up to 55.8%, reflecting more digital-led income.

  • Non-gambling businesses, such as the raffle and prize competition brand RKings, delivered USD 7.6m (ca. EUR 6.6m) in Q3 2025, about 16% of total revenue. RKings added new users and campaigns, but its growth pace lagged behind the iGaming-focused units. This widened the performance gap between online gambling and consumer prize verticals, reshaping the company’s profitability benchmarks.

  • Expanse Studios’ B2B casino network surged more than 400% in revenue and tripled its player base. With 1,300+ partners worldwide, mostly iGaming operators, it set higher benchmarks for player activity and engagement across the Golden Matrix portfolio.

  • GMAG acts as Golden Matrix’s content aggregator, supplying both gambling and non-gambling partners with gaming content and API access. Its platform operates across Europe, Africa, and Latin America, linking casinos, sportsbooks, and digital entertainment brands. In Q3 2025, GMAG added 12 new providers – most from the iGaming sector – reinforcing its role as a cross-vertical content bridge.

  • With the portfolio now dominated by iGaming clients, key Golden Matrix Q3 2025 metrics such as adjusted EBITDA margin (12%) and player growth rates (70 – 80% in major markets) now track closely with online gambling industry benchmarks. Management said this shift shows the company’s transition into a data-driven digital entertainment supplier.

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